Twaice, the Munich-based startup that has built analytics software to help with battery management in electric vehicles and other devices, has raised €11 million in Series A funding.
Leading the round is European early-stage venture capital firm Creandum, with participation from existing investors Cherry Ventures, UVC Partners and Speedinvest, which backed the company’s earlier seed round.
Already used in trucks, cars, e-scooters and stationary power storage, the Twaice software creates a “digital twin” of battery systems by utilising sensor data, and physical and data-driven battery models. From here it claims to be able to analyse and make accurate real-time predictions about the “health status” of an energy storage system.
Use-cases include closing the loop between product development and application, as well as new possibilities such as predictive maintenance and extending a product’s warranty.
Twaice says the increasing popularity of lithium-ion batteries within the energy market is also accelerating its growth. “Stationary storage units, for example, are used to avoid increased grid fees or to stabilize the grid,” explains the startup. “However, due to their cost and complexity, batteries are especially challenging regarding significant test scopes during development, a lack of transparency about their condition, and remaining lifetime during operation”.
Meanwhile, Peter Specht, Principal at Creandum, says that the battery market is at an “inflection point,” driven by rapid electrification in the mobility and energy sectors. “Twaice predictive analytics solution unlocks a tremendous amount of value along the full battery lifecycle,” he says. “We were impressed by the deep battery expertise of the team, the sophistication of their analytics platform and rapidly growing customer demand. We’re thrilled to support the team along their journey to further scale and expand to new markets”.